I'm thinking more likely it needs the points serviced.
You'll need to pull the mag and disassemble to get at the points. The mag is held on to its drive unit by (4) bolts and is 'keyed' with a flat spot on the shaft so it can only be inserted into the drive unit one way. You'll need to disconnect the 'kill' wire from the side of the mag unit, and it'll make things easier if you remove the idle stop/spark advance/carb stop bracket which bolts to the front of the mag with (2) bolts. Use caution when removing/reinstalling the phenolic parts on the mag (cap, rotor, & adapter housing) as they're easily breakable if you pry too hard or get the mounting screws too tight.
Remove the points and clean with medium-grit sandpaper (or wet-n-dry) to bare metal. Polish the contacts with crocus cloth. If they are badly burnt/pitted, replace the points and condenser. Degrease and set points gap at .008"-.010". Adjust the points lubricating 'cam wick' so that it has 1/64" (.0015") clearance from the 'flat' of the cam lobe. If the wick is all dried up, it should be replaced.
Note that the mag is supposed to be set up with a 'dwell plate' after initial points gap adjustment, but the above points gap will get you out on the water, running reasonably well.
If the distributor cap has 'trash' in it, flush out with carb cleaning spray or equivalent.
Note: best to have a manual when you do this, having the step-by-step instructions in front of you ensures success.
Here's a link for good tuneup info:
http://www.maxrules.com/timingindex.html
HTH.........ed